3 ms·

the 10 yr thing ended in 2008, thankfully

• bluedanieru 14y ago
  That's good to hear. Do you have a source? edit: All I've found is something that sounds a lot like the current bill, in fact. Are you saying that income tax is not taxed as though you are an American citizen for the ten years after you renounce your citizenship? I'd really like to confirm that.
  • hnwh 14y ago
    Not the most clear explanation, but you can find other mentions of this on HN and elsewhere http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html#_Expatriation_after_June_16 http://www.irs.gov/businesses/small/international/article/0,..., 2008 "IRC 877A imposes a mark-to-market regime, which generally means that all property of a covered expatriate is deemed sold for its fair market value on the day before the expatriation date. IRC 887A further provides that any gain arising from the deemed sale is taken into account for the taxable year of the deemed sale notwithstanding any other provisions of the Code. Any loss from the deemed sale is taken into account for the taxable year of the deemed sale to the extent otherwise provided in the Code, except that the wash sale rules of IRC 1091 do not apply."